Theyskens’ Theory

Since leaving his job as creative director of the French fashion house Nina Ricci in early 2009, the world hasn’t heard much from Olivier Theyskens.

But on Monday, there he was, in all his black-and-grey glory, on the rooftop of the Meatpacking District headquarters for the contemporary label Theory.

The 33-year-old designer, still sporting long hair and the brooding look of a French philosophy student, was unveiling his new line. Called “Theyskens’ Theory,” it’s a capsule collection of 80 looks, priced 30-40% higher than the clothes from the core brand, which is known for its versatile, wear-to-work separates that professional women swear by.

The collection for Theory marks a departure for Mr. Theyskens, who was hailed by fashion insiders as a creative genius, even though his elaborate and shockingly expensive creations were never a commercial success.

The Theyskens’ Theory line contains jeans—yes, some of them are printed with a silver paint-like substance—as well as wearable dresses, smart shoes, and well-cut blazers with interesting fabric treatments.

“I think the one thing that maybe people don’t understand is the range that Olivier is capable of,” said Theory’s president and founder Andrew Rosen. “I think that he was very much inspired by doing something more democratic.”

Mr. Rosen pointed to a black washed silk dress, with elastic straps and pockets. “This, I just love,” he said. “It’s very sexy but very simple.” It will probably sell for around $500 to $550. (Mr. Theyskens’ previous creations sold for $2,000 and up.)

Through the development of Theory, which is owned by Japan-based Fast Retailing, Mr. Rosen is credited with inventing the “contemporary” category that dominates upscale department stores. He’s recently backed up-and-coming brands like Rag & Bone and Helmut Lang, which have broadened the classification to encompass more affordable looks with a high-end designer sensibility.

“Back in 1997, when we helped redefine the contemporary marketplace [with Theory] I think this is doing the same thing—redefining a whole new category of business,” said Mr. Rosen of the Theyskens’ Theory line. “Part of our job is to create new categories of business for the stores.”